British Columbia Discovery Fund Inc. (formerly British Columbia Discovery Fund (VCC) Inc.) updated on the liquidation proceedings

British Columbia Discovery Fund Inc.

British Columbia Discovery Fund Inc.

VANCOUVER, British Columbia, Dec. 31, 2022 (Globe Newswire) — British Columbia Discovery Fund Inc. , (previously British Columbia Discovery Fund (VCC) Inc.) (known as “funds”), by The Bowra Group Inc. as liquidator of the Fund (“liquidator), the following replace concerning the Fund’s liquidation procedures.

The value of NAV per Class A standard share is $1.68 as on November 30, 2022 in comparison with $2.60 on August 31, 2022, a lower of 35%. The first purpose for this alteration is the decline within the worth of the fund’s publicly traded funding in D-Wave Methods Inc. and Tantalus Methods Holdings Inc.

The next is an replace of the fund’s portfolio of corporations and the actions of the liquidator:

  1. D-Wave Methods Inc. (“D-WaveBC D-Wave continues to advance the science utilized in its merchandise, construct out its expertise, and construct out its core enterprise of quantum computing companies.

    On August 5, 2022 DPCM Capital, Inc. (“DPCMand D-Wave, finishing a enterprise mixture transaction and D-Wave Quantum Inc. (“D- quantum wave”) The mum or dad firm of each D-Wave and DPCM.

    On August 8, 2022, D-Wave Quantum started buying and selling on the New York Inventory Trade beneath the inventory image QBTS.

    Shares in D-Wave Quantum issued to the Fund are topic to buying and selling restrictions for a interval of 180 days from the date of D-Wave Quantum’s public itemizing.

    D-Wave Quantum’s 20-day common NAV for pricing was $9.70 on Aug 31, 2022 and $2.55 on Nov 30, 2022.

    The decline within the worth of investing cash in D-Wave is the primary purpose for the 35% drop in NAV per frequent share from the newest press launch.

    Transaction particulars and details about D-Wave might be discovered at: www.dwavesys.com.

    The liquidator continues to observe D-Wave Quantum and consider its technique to attain fund standing after the buying and selling restriction interval ends.

  2. Tantalus Methods Holdings Inc. – (“Tantalus’) – Tantalus is a expertise firm that develops and operates sensible grid options for utilities headquartered in Burnaby, BC Tantalus is presently listed on the Toronto Inventory Trade beneath the image GRID.

    The liquidator notes that the share value of Tantalus declined within the interval used to calculate the November 30, 2022 NAV for every Class A standard share.

    The decline in Tantalus’ share value contributed to the change in web asset worth per Class A standard share from the final press launch, nevertheless the decline was primarily affected by a lower within the worth of the holdings of funds in D-Wave Quantum.

    Extra updates and details about Tantalus might be discovered at: www.tantalus.com And the Cedar. Specifically, see Tantalus’ MD&A for the interval ended September 30, 2022 for a dialogue of Tantalus’ monetary efficiency.

    The liquidator continues to observe Tantalus and to overview and consider alternatives to promote Tantalus shares to the Fund.

  3. Phemi Methods Inc (“BimiPhemi is a expertise firm that gives information administration, analytics, privateness and safety for healthcare and is headquartered in Vancouver, British Columbia.

    Because the final press launch, the liquidator has not recognized any new materials occasions that will have an effect on the Fund’s funding in Phemi.

    Extra updates and details about Phemi might be discovered at: www.phemi.com.

    The liquidator continues to observe Phemi and overview any potential alternatives for liquidity occasions in accordance along with his mandate.

  4. 3760073 Canada Corp. (previously Navarik Corp.) (“NavarikHeadquartered in Vancouver, British Columbia, Navarik has offered all of its property to Vela Software program Group (“Vela Software program Group”).villa”) in September 2020. The Fund’s present curiosity in Navarik is proscribed to future distributions that Navarik could make to its shareholders pursuant to the transaction with Vela.

    Because the final press launch, the liquidator has not recognized any new materials occasions that will have an effect on the fund’s funding in Navarrek.

    The liquidator continues to observe Navarik and the potential for any future distributions of the Fund pursuant to the phrases of its sale to Vela.

  5. MTI Restricted Partnership (Acquired because of the sale of Mobidia Expertise Inc.) (“MTI LP’) – Mobidia was a fund portfolio firm that was offered to App Annie in 2015. The Fund’s present curiosity in MTI LP is proscribed to its personal curiosity in App Annie shares held by MTI LP that was exchanged within the sale of the Mobidia transaction.

    Because the final press launch, the liquidator has not recognized any new materials occasions that will have an effect on the Fund’s funding in MTI LP.

    The liquidator continues to observe MTI LP and App Annie and overview any alternatives for liquidity occasions as per its mandate.

The Fund will proceed to appreciate its investments in portfolio corporations by collaborating in liquidity occasions when attainable in accordance with the liquidation mandate and by dealing with remaining excellent issues associated to the liquidation, together with tax issues.

Presently, the fund will not be conscious of the anticipated date of any distribution, and the fund has not but set a date for dissolving the fund.

The liquidator issued the primary liquidator’s report on November 30, 2021 and a duplicate of the report is on the market on the Liquidator web site beneath the identify Liquidator – reviews at: www.bowragroup.com.

Updates and supplies concerning the Fund’s liquidation procedures might be discovered on the liquidator’s web site at: www.bowragroup.com. The liquidator will proceed to make further info and updates accessible on its web site on the standing of the Fund’s liquidation proceedings and to publish a press launch on at the least a quarterly foundation.

Threat elements and forward-looking info

This information launch could embrace statements about anticipated future occasions and/or monetary outcomes which can be forward-looking in nature and topic to dangers and uncertainties. The issuer warns that precise efficiency might be affected by a lot of elements, a lot of that are past the management of the liquidator.

A number of the dangers embrace, however usually are not restricted to: The Fund can not reassure its shareholders concerning the timing or quantity of any liquidation distributions. The timing of liquidating the property of the Fund’s portfolio is dependent upon the timing of the prevalence of liquidity occasions within the underlying portfolio corporations and on the timing of buying and selling alternatives for publicly traded securities within the portfolio, and the quantity of those distributions is dependent upon the proceeds from these tendencies which in flip will rely on many elements that have an effect on the worth of the portfolio corporations. The Fund will proceed to incur bills that would cut back the worth of any liquidation distributions; If the fund fails to carry adequate funds to pay the bills and liabilities really owed to the collectors of the fund, every shareholder receiving the liquidation distributions could also be held liable to pay to the collectors of the fund, his or her share of any deficit, as much as the quantity really distributed to every shareholder; If, on the time of the distribution to the shareholders, the fund can not move the solvency exams, the distribution could also be prohibited; There is no such thing as a assurance that the liquidator will obtain the identical monetary outcomes that administration would possibly obtain if it continued as fund supervisor; The tax remedy of liquidation distributions could fluctuate from shareholder to shareholder, and shareholders ought to seek the advice of their very own tax advisors; Class A Shares could, in sure circumstances, stop to be “qualifying investments” for “Registered Plans” functions Revenue tax legislation (Canada).

See “Threat Components” within the Fund’s media round dated Might 22, 2020, accessible at www.sedar.com.

further info

Extra info concerning the Fund’s liquidation and associated issues is contained within the Fund’s info round dated Might 22, 2020, which is on the market on SEDAR on the hyperlink www.sedar.com.

The Bowra Group is a boutique monetary advisory agency with places of work in Vancouver, British Columbia and Edmonton, Alberta. Bowra Group focuses on insolvency and restructuring, companies offered embrace enterprise restructuring, enterprise viability assessments and efficiency enchancment and turnaround administration. The Bowra Group is a licensed insolvency trustee and formally acts as a trustee, controller, receiver and liquidator in operations throughout a wide range of industries.

Extra details about the Bowra Group, updates for shareholders and details about the fund’s liquidation might be discovered at www.bowragroup.com.

Gordon Brown
The Bowra Group Inc.
Suite 430-505 Burrard Road,
Vancouver, BC V7M 2C1
Telephone: 604-689-8939
e-mail: information@bowragroup.com

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